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originally posted by: hopenotfeariswhatweneed
That's right he didn't recognise his family, he was alive, assisted living with no comprehension of the world around him, he was was wealthy enough to maintain that lifestyle.
In 1998 a gallon of gas cost $1 per gallon & minimum wage was $5 per hour, today a gallon of gas costs @ $3 per gallon & minimum wage is $7.25 per hour. So a poor person in 1998 could get 5 gallons of fuel for $5, today a poor person can only afford @ 2.5 gallons of gas for the same hour of work. The same is true with housing, food & insurance costs. Millennials won't become richer, their money will just be worth less.
Since the Millennial generation is smaller than the Boomers they're inheriting from, the wealth handed down will be highly concentrated. Ironically, this could contribute to increasing wealth inequality.
originally posted by: MrBlaq
a reply to: Puppylove
That's unfortunate since all one needs is a revocable trust to
protect assets from probate. Too many are ignorant of the
fact that a Will does not. No large sums of money or assets
are needed to create a trust. It can be funded with
$1.00 and as assets increase, add to the trust.
Add everything, bank accounts, insurance policies,
annuities, real estate, cars, boats, investments.
The smart investor will lock everything in with a
pour over will if future assets are inadvertently
not placed within the trust.
$3000 estate planning advice for free
originally posted by: crayzeed
a reply to: hopenotfeariswhatweneed
I agree. There are a few assisted "homes" near me and the average cost is approx. £1000 a week. To you Americans that's about $1290 a WEEK. When the "patient" gets gaga (or the "home" decides they are) they get them to sign a document called "power of attorney" ,that gives them total control of their money.
originally posted by: Xtrozero
originally posted by: hopenotfeariswhatweneed
Here's the catch, once signed over to that care the decision to terminate belongs to the institution.
I understand what you are saying and there are other ways. This way is bad in the sense that people are trying to prolong a person's life well past anything remotely related to quality. If a person or relatives go down this path then they might as well understand they are in a scam that is preying on the love they have for a person.